This document is primarily designed to be a Guide to the New Baltic Code and provides a framework for how the New Baltic Code is applicable to, and can be utilised by, the maritime markets.
It includes the introductory guide to modern shipping and terminology which many new Baltic Exchange Members have found useful.
Capitalised terms used herein and otherwise not defined have the meaning given to them in the New Baltic Code.
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An agreed amount payable to the owner in respect of delay to the vessel beyond the laytime, for which the owner is not responsible. Demurrage shall not be subject to exceptions which apply to Laytime unless specifically stated in the Charterparty.
An agreed amount payable by the owner if the vessel completes loading or discharging before the laytime has expired.[...]
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The period of time agreed between the parties during which the owner will make and keep the vessel available for loading or discharging without payment additional to the freight.
The notice to charterer, shipper, receiver or other person as required by the Charterparty that the vessel has arrived at the port or berth, as the case may be, and is ready to load or discharge. Alternatively,